Key Takeaways
Conflux has surged about 10% in the last 24 hours. The long maximum pain was at $0.20 while the short max pain was at $0.23. Bulls or bears, who wins this round?
The price action of Conflux [CFX] has maintained a clear trend since the 19th of July, when it climbed above $0.10. Since the previous day’s close, Conflux has been up by about 10% as per CoinMarketCap.
This surge could be attributed to two factors, that is, a selective altcoin season and Conflux’s offshore yuan stablecoin plans.
The narratives have been fueling this unusual trend at a time when only Bitcoin [BTC] and Ethereum [ETH] have sustained their strengths.
Max pain levels for CFX
According to CoinGlass, the maximum pain levels for longs and shorts were at $0.20 and $0.23 respectively. More than $258K worth of orders were placed by sellers, while that of buyers was about $280K.
Source: CoinGlass
The max pain levels defined the levels the bulls and bears were ready to protect. Failure to do so would lead to liquidations from either of them.
Meanwhile, CryptoQuant analysis showed that the taker CVD was sell-dominant on both spot and Futures market. Also, retail activity was heating up amid this bull-bear battle.
That in mind, Conflux crypto was experiencing a clash between the market participants.
Bulls and bears face off
CFX on a technical perceptive showed the bulls were holding the ground, but bears were pushing back each time. Since the start of August, the two battling sides had confined CFX in a range between max pain levels.
Since the 19th of July, CFX had moved by 3x but at the time of press, the gains had been reduced to 2x, with price at $0.22.
However, Conflux’s price had formed an inverted heads and shoulders pattern, with the neckline coinciding with max pain for shorts. Naturally, the pattern is bullish.
Source: TradingView
The momentum was also pointing toward a bullish control with a value of 0.0223. Also, a value of 4 from the Advance/Decline indicator reiterated this outlook.
From the look, CFX bulls were appearing to outpace bears. A breach and hold above the $0.23 pain level could see bulls take price to $0.27. Alternatively, failure to defend $0.20 meant a revisit of $0.18 or $0.16 levels.
Network activity heating up
Worth noting was the network activity. The number of monthly active addresses reached a high of 15.2K for the period since August 2024. The number of unique addresses on a weekly scale were at 4.7K.
Source: Token Terminal
The token’s trading volume also hit an ATH of $2.62 billion in earlier this month. However, th3 value had dropped to $434 Million.
In conclusion, the bulls were giving a spirited fight, but the bears push back could be ignored.
